How to use your House Hack income to buy your next home

[Jon Westover]

I've been running into some issues in talking to lenders about getting another primary mortgage and getting my income from my house hacked current home to qualify as income to offset my Debt to Income Ratio. 

I currently live in a home and I house hack the majority of it. I've lived here 2.5 years. I want to purchase a new home. The lenders have stated they will only accept one lease from my house hack. I have 4 leases and I need all 4 to count as qualifying income. The lender stated the reason they won't qualify it is because the home is listed as single family. 

Has anyone encountered the same issue how did you resolve it? 

[Martin Carstens]

Jon, first of all congratulations. This is a great problem to have! You are being pro-active, moving forward and doing something about it. There is a very long list of ugly problems you could have, and you my friend have none of them. Under no circumstances take no for an answer! Every lender looks at the numbers in a different view. This  can be your opportunity, and it will be.  You just have to find that one YES! Time consuming, yes you bet. A royal pain, yes.  Every application can & will be a learning experience. With endless hours scanning, sending and finding the next request.  Remember, your asking for alot of money. They want to know everything about you. Reach out to credit unions, small local banks, heck walk in the door and see it anyone has time to talk to you? Most of all, keep applying and you will find that one YES! Good Luck!